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The estimation of utility-consistent labor supply models by means of simulated scores

โœ Scribed by Hans G. Bloemen; Arie Kapteyn

Publisher
John Wiley and Sons
Year
2008
Tongue
English
Weight
234 KB
Volume
23
Category
Article
ISSN
0883-7252

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โœฆ Synopsis

Abstract

We consider a utilityโ€consistent static labor supply model with flexible preferences and a nonlinear and possibly nonโ€convex budget set. Stochastic error terms are introduced to represent optimization and reporting errors, stochastic preferences, and heterogeneity in wages. Coherency conditions on the parameters and the support of error distributions are imposed for all observations. The complexity of the model makes it impossible to write down the probability of participation. Hence we use simulation techniques in the estimation. We compare our approach with various simpler alternatives proposed in the literature. Both in Monte Carlo experiments and for real data the various estimation methods yield very different results. Copyright ยฉ 2008 John Wiley & Sons, Ltd.

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